03:45:30 EDT Thu 13 Jun 2024
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or Name

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Troubadour Resources Inc (2)
Symbol TR
Shares Issued 15,116,134
Close 2024-01-31 C$ 0.09
Market Cap C$ 1,360,452
Recent Sedar Documents

Troubadour arranges $1.25-million private placement

2024-01-31 12:29 ET - News Release

Mr. Blake Morgan reports


Troubadour Resources Inc. has arranged a proposed private placement offering to raise total gross proceeds of up to $1.25-million.

Troubadour intends to undertake a non-brokered private placement of up to 10 million units of the company at a purchase price of 12.5 cents per unit for aggregate gross proceeds of $1.25-million. Each unit will comprise one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at an exercise price of 17.5 cents at any time up to 36 months following issuance.

Proceeds will be used for general working capital and, more importantly, to define new drill targets on the company's high-grade uranium property (Monarch), which the company expects to complete over the next week or so. Furthermore, the company will work to define new drill targets on its 100-per-cent-owned copper assets.

Blake Morgan, interim chief executive officer, stated: "This funding and transaction mean a move in the right direction for Troubadour Resources. This uranium asset is key to diversity and opens the door to large funding in these types of markets. With uranium at near all-time highs and a new multimillion-dollar staking rush happening all around the region, the time is now to capitalize on some of the highest-grade uranium ever found in the region. We will push the boundaries of new technologies and move towards a major discovery, leveraging over $1-million in previous exploration to rapidly generate advanced targets."

Insiders may participate in the placement and, as such, their participation in the private placement is a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Finders' fees in connection with the offering may be payable in accordance with the policies and subject to the approval of the TSX Venture Exchange. All shares issued in connection with the offering will be subject to a statutory holding period of four months and one day after the closing of the offering. Completion of the offering is subject to the approval of the TSX-V. Any participation by insiders in the offering will constitute a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

Geoff Schellenberg and Gary Schellenberg have tendered their resignations; Mr. Morgan has now taken over as interim chief executive officer. The company thanks them for all their hard work over the years and wishes them all the best in their future endeavours.

Mr. Morgan has over 15 years of experience in capital markets, specifically in the natural resource and precious metal sectors, including 10 years with Rio Tinto, BMA Metals (a subsidiary of BHP) and Santos Ltd. Mr. Morgan has extensive experience as a prominent board member and senior executive officer in numerous publicly traded companies. In recent years, Mr. Morgan has raised tens of millions of dollars for both public and private companies alike and has successfully taken numerous companies public in the United States, Canada and Germany.

About Troubadour Resources Inc.

Troubadour is a public Canadian mining exploration company focused on copper and gold in British Columbia, Canada. The company is managed by an experienced team consisting of youthful and seasoned professionals with proven records as mine finders. The Texas gold property diversifies the company's commodity focus and complements Troubadour's Amarillo copper project, located 10 kilometres south of the past-producing Brenda mine in Southern British Columbia and 35 kilometres east of Kodiak Copper's MPD discovery.

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